Help me build a 318!

I have built, literally, dozens of these engines over the years and can tell you that your plan is pretty close to getting you where you want to be. I've had excellent results by doing exactly as you posted, but using 360 heads - with one caveat:

If you dingle-berry hone it (or 400 grit sandpaper) and go for the cheap refresh, run .005 over rings, new chain, brgs, oil pump etc, it will run strong due to it being loose, while sealed up with new rings and cylinder heads, which will also allow it to rev like there's no tomorrow. I've ran many of these engines to 7000 rpms and tried to blow them up, just to give me an excuse to build the next one, but I was never able to "break" one of them. This is where the caveat applies:

The engine will run fine, but you will not have an engine that is going to last more than about 25-50,000 miles, depending on how much you beat on it (i.e. lifecycle of the engine will decrease), but the best results (when looking for performance and mileage) I've had were with the 360 heads and either the 340 4spd cam or 6 pack cams and, because I couldn't afford new cam kits, I've ran used cams with new lifters... However, while I never blew one up, truth is, the rings would give out after a year or so of beating the snot out of it, and I'd have to find me another "donor" 318 and repeat the process. The more aggressive you build it (more power), the shorter it's lifecycle. No big deal though, as I had plenty of friends that would (almost) pay you to take an old 'teen', and that was a great deal for me at the time...

I've ran multiple 318's, with 360 heads in a 67 Belvedere 4 spd car (back in the '80's), with 3.23 gears, and used the car to commute between NC and WV for many years. It had 1.625 headers, 2.5 inch exhaust, and, as noted, an 833 4 spd trans (no overdrive), and I got 21-22 mpg cruising between 65 and 70 mph - for 7-8 straight hours each way. I had my best results with the 360 heads, since they never hurt bottom end performance, and added significant mid and upper range power that came in hand at times. It wasn't a bullet, but with a quick swap to 4.10's I could hammer most of the 350Shivvie guys with 'em.

It all comes down to personal preference: if you want to do it on the cheap, and you're comfortable with a shortened service life, then go for it. On the other hand, if you're looking for longevity and want it to last you 100K or more, spend the money on pistons, boring, balancing, etc. and you'll be happier in the long run. However, IMHO 318's are the best kept Mopar secret for cheap-reliable power plants and most guys will give them away. That's too bad, as I've had many skeptics refuse to believe I was running 318's due to how strong the cars ran.

If you doubt it, just check out Mopar Actions (cheap) 318 build making 425 HP. It's not hard to do, and that'd be more than enough HP to embarass some 340 and 360 owners out there.

Whatever you decide, have fun with it and let us know how it turns out.

Southernman